LONDON--(BUSINESS WIRE)--The point of sale (POS) cash drawer market is expected to grow by USD 447.65 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Theft and robbery are some of the common issues faced by retailers worldwide. This is leading retailers to make significant investments in internal control measures to safeguard cash and other assets. Cash drawers ensure both safety and effective cash management. They collect, record, and track all cash and non-cash receipts and disbursements. They require cashiers to log in with unique credentials every time to access the cash. Also, it makes an employee accountable for cash in the drawer every time it is opened or closed, thus ensuring safety. With the growing need for effective cash management among retailers, the demand for point of sale cash drawers will increase during the forecast period.
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As per Technavio, the continued dominance of cash in consumer transactions worldwide will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Point of Sale (POS) Cash Drawer Market: Continued Dominance of Cash in Consumer Transactions Worldwide
Cash continues to dominate in the consumer transactions worldwide despite the growing popularity of digital transactions. Also, cash payments make negotiations easier for consumers. In 2018, more than 50% of all the transactions across the world were made in cash. Cash transactions accounted for 35% of consumer payment transactions in Singapore, 37% in France, and Sweden, and 40% in the Netherlands. Other countries, such as Saudi Arabia, Egypt, Malaysia, and Peru, accounted for 90% of cash payment transactions in 2018. These factors are expected to have a positive impact on the growth of the global point of sale cash drawer market over the forecast period.
“Increasing popularity of small POS cash drawers and the growth of the global organized retail market will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Point of Sale (POS) Cash Drawer Market: Segmentation Analysis
This market research report segments the point of sale (POS) cash drawer market by end-user (retail and hospitality) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the point of sale (POS) cash drawer market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the dependency on cash among the middle-class segment in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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